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EES Announces Increased Revenues for Third Quarter 2018
EES Announces Increased Revenues for Third Quarter 2018.
About this update from Energy & Environmental Services Inc.
[{"type":"text","content":"\n\n\n\nEES Announces Increased Revenues for Third Quarter 2018\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEES Announces Increased Revenues for Third Quarter 2018\nPR Newswire\nOKLAHOMA CITY, Nov. 14, 2018\n\n\n\nOKLAHOMA CITY, Nov. 14, 2018 /PRNewswire/ -- Energy and Environmental Services, Inc. (OTC: EESE) today announced its unaudited financial results for the third quarter ended September 30, 2018.\n\"We continue to increase operating revenue, which builds a better financial foundation.  I give credit to our dedicated employees, who are putting their core values to work,\" stated Leon Joyce, CEO.\nThird Quarter 2018 Financial Highlights\nSales revenues increased $332,500 or 27% from $1,209,100 in the Third Quarter 2017 to $1,541,600 for the Third Quarter 2018.  Sales revenues increased $2,268,500 or 79% from $2,871,200 in the Nine Months 2017 to $5,139,700 for the Nine Months 2018. Operating expenses were reduced $188,500 or 19% from $978,200 in the Third Quarter 2017 to $789,700 in the Third Quarter 2018.  The Nine Months 2018 saw a reduction of $526,200 or 17% from $3,129,500 in the Nine Months 2017 to $2,603,300 in the Nine Months 2018.  EBITDA for the Third Quarter 2018 was $(58,300) compared to $131,400 for the Third Quarter 2017.  EBITDA for the Nine Months 2018 was $166,000 compared to $(570,000) for the Nine Months 2017. Net loss for the Third Quarter 2018 was $(129,200) versus net income of $26,000 in the Third Quarter 2017.  Net loss for the Nine Months 2018 was $(47,200) versus a net loss of $(833,100) in the Nine Months 2017.Capital Resources and Outlook\nEES's primary source of capital has been cash flow from operations.  It has limited borrowings in recent years and has not sold shares to generate capital.  Cash used in operations for the Nine Months 2018 was $(923,500), which reflects a net decrease of $1,235,800 from December 31, 2017.  Much of the net decrease came from a $1,206,700 increase in accounts receivable and a $368,300 increase in inventories, which were partially offset by a $145,000 i...